Name on house deeds.
Discussion
My husband and I are about to buy our first house together and I am funding the purchase in it's entirety.
If I put it in my name only, would this cause any problems in the future and are there any pitfalls. We were wondering how it might affect my husband getting finance on a car or something like that as he wouldn't be listed on the deeds as a home owner.
Also, does it really matter as we're married? We realise that although it's all roses right now, that we could divorce or could end up dead so just want to make sure that everything is in order. I suppose we both need wills as if we went together it'd make sure the house and assets end up where we both want them to go.
I shall be consulting a solicitor on Monday, but thought I'd ask now as it's playing on my mind and also I can phone up Monday and be able to ask for what I need done rather than looking like a bit of a div.
Honestly, I have no idea what I'd do without the wonderful PH. Thanks in advance for help.
If I put it in my name only, would this cause any problems in the future and are there any pitfalls. We were wondering how it might affect my husband getting finance on a car or something like that as he wouldn't be listed on the deeds as a home owner.
Also, does it really matter as we're married? We realise that although it's all roses right now, that we could divorce or could end up dead so just want to make sure that everything is in order. I suppose we both need wills as if we went together it'd make sure the house and assets end up where we both want them to go.
I shall be consulting a solicitor on Monday, but thought I'd ask now as it's playing on my mind and also I can phone up Monday and be able to ask for what I need done rather than looking like a bit of a div.
Honestly, I have no idea what I'd do without the wonderful PH. Thanks in advance for help.
The house is worth well less than that!
I was wanting to ensure that as the cash is a gift, I'd want it returned to my parents (less a proportion as we see fit to agree on) should I pop my clogs as it was theirs. If my husband and I went at the same time, then it'd be returned to my parents less the proportion we agree on (which will increase as time goes up to half the estate) which would go to his.
Does this make any sense?!
So there doesn't appear to be any downside for it being in just my name for any future finance? We can't think of anything else that it might be disadvantageous for.
I was wanting to ensure that as the cash is a gift, I'd want it returned to my parents (less a proportion as we see fit to agree on) should I pop my clogs as it was theirs. If my husband and I went at the same time, then it'd be returned to my parents less the proportion we agree on (which will increase as time goes up to half the estate) which would go to his.
Does this make any sense?!
So there doesn't appear to be any downside for it being in just my name for any future finance? We can't think of anything else that it might be disadvantageous for.
Edited by littlegreenfairy on Saturday 18th February 21:54
littlegreenfairy said:
Is it not a good plan? We were trying to find a way to both protect our interests especially as it's coming from my family. There are no ties to the gift, just in case we die in a ball of fire or something less dramatic.
Its a good plan. Your conveyancing solicitor will be just fine with it. Your will solicitor may be slightly less so, but that's just more billable hours for him, so he ought not to sigh overmuch.It might create process issues were he to be absolutely honest ticking boxes on irrelevant forms, as he is neither homeowner, nor lodger, nor tenant, but just lie on them - nobody cross-references to the Land Registry, and, in theory, he is a homeowner according to your principle.
Have fun, and congrats.
randlemarcus said:
littlegreenfairy said:
Is it not a good plan? We were trying to find a way to both protect our interests especially as it's coming from my family. There are no ties to the gift, just in case we die in a ball of fire or something less dramatic.
Its a good plan. Your conveyancing solicitor will be just fine with it. Your will solicitor may be slightly less so, but that's just more billable hours for him, so he ought not to sigh overmuch.It might create process issues were he to be absolutely honest ticking boxes on irrelevant forms, as he is neither homeowner, nor lodger, nor tenant, but just lie on them - nobody cross-references to the Land Registry, and, in theory, he is a homeowner according to your principle.
Have fun, and congrats.
I'm both very excited (especially picking out curtain fabrics) and terrified in equal measures.
We want everything to be (relatively) straight forward and completely above board and also very fair for all parties concerned. Now I just need them to accept the offer and find reputable legal eagles. And a surveyor. And a man with a van.
1point7bar said:
Your solicitor will give you a withering look when you unveil your 'plan'.
I spend my life receiving withering looks. 
Yes, the sums will be put into print and there will be no grey areas open to interpretation depending on the angle you're coming from.
Thanks for the advice
As an aside which doesn't seem to have been commented on yet - how come your husband is cool with not being on the deeds?
Is the house purchase being funded by you in it's entirity by you paying cash for the whole amount, or is there a mortgage which you will both contribute to?
If he is contributing to a mortgage, I am very surprised he doesn't want his name on the deeds!
There are two ways of owning a property together - as either 'Joint tenants' or 'Tenants in common'.
One will ensure any proceeds on sale are split 50 / 50 upon relationship failure and house sale, no matter who had contributed the most, and the other takes into account contributions, i.e. who paid the deposit and who paid the most towards the mortgage...
Is the house purchase being funded by you in it's entirity by you paying cash for the whole amount, or is there a mortgage which you will both contribute to?
If he is contributing to a mortgage, I am very surprised he doesn't want his name on the deeds!
There are two ways of owning a property together - as either 'Joint tenants' or 'Tenants in common'.
One will ensure any proceeds on sale are split 50 / 50 upon relationship failure and house sale, no matter who had contributed the most, and the other takes into account contributions, i.e. who paid the deposit and who paid the most towards the mortgage...
I'm paying entirely in cash. The next house will most probably be mortgaged as will be bigger and we'll both be on the deeds then I expect.
It's sort of an interim measure to make sure should anything happen to us or me, that my parents who are getting on a bit will be adequately provided for should they need to be. To be awfully blunt, when they have gone it doesn't matter what happens to the house or any money (so long as no kids are involved) but whilst they are alive I want to protect them should anything happen to me as I wouldn't be there to help them physically or financially should the need arise. I have a huge feeling of responsibility towards my parents and also want to make sure my husband is also protected.
It's sort of an interim measure to make sure should anything happen to us or me, that my parents who are getting on a bit will be adequately provided for should they need to be. To be awfully blunt, when they have gone it doesn't matter what happens to the house or any money (so long as no kids are involved) but whilst they are alive I want to protect them should anything happen to me as I wouldn't be there to help them physically or financially should the need arise. I have a huge feeling of responsibility towards my parents and also want to make sure my husband is also protected.
littlegreenfairy said:
I'm paying entirely in cash. The next house will most probably be mortgaged as will be bigger and we'll both be on the deeds then I expect.
It's sort of an interim measure to make sure should anything happen to us or me, that my parents who are getting on a bit will be adequately provided for should they need to be. To be awfully blunt, when they have gone it doesn't matter what happens to the house or any money (so long as no kids are involved) but whilst they are alive I want to protect them should anything happen to me as I wouldn't be there to help them physically or financially should the need arise. I have a huge feeling of responsibility towards my parents and also want to make sure my husband is also protected.
Ok got you, so you're buying the house outright with your own cash, and he is not contributing in any way to the purchase?It's sort of an interim measure to make sure should anything happen to us or me, that my parents who are getting on a bit will be adequately provided for should they need to be. To be awfully blunt, when they have gone it doesn't matter what happens to the house or any money (so long as no kids are involved) but whilst they are alive I want to protect them should anything happen to me as I wouldn't be there to help them physically or financially should the need arise. I have a huge feeling of responsibility towards my parents and also want to make sure my husband is also protected.
Also, will he contribute financially once you've moved in? If he does, it needs to be specific to what he is contributing to, i.e either effectively paying you 'rent' to live there with you, or if not contributing to the share of bills / council tax instead?
I'm sorry to ask and I know it seems like splitting hairs, but as someone who has been through a failed relationship and the legal dissection of 'who paid what' afterwards, it is important for you that these matters are agreed beforehand, in writing via your brief.
Despite the fact that you're happily married now and don't dream of anything bad happening, if it DOES go sour, believe me you'll be glad you got all these details down on paper first!
littlegreenfairy said:
The house is worth well less than that!
I was wanting to ensure that as the cash is a gift, I'd want it returned to my parents (less a proportion as we see fit to agree on) should I pop my clogs as it was theirs. If my husband and I went at the same time, then it'd be returned to my parents less the proportion we agree on (which will increase as time goes up to half the estate) which would go to his.
Does this make any sense?!
So there doesn't appear to be any downside for it being in just my name for any future finance? We can't think of anything else that it might be disadvantageous for.
How is your husband going to repay your parents if you pre-decease them? Presumably he will have to sell the property? Or you will need to have some form of life cover for this?I was wanting to ensure that as the cash is a gift, I'd want it returned to my parents (less a proportion as we see fit to agree on) should I pop my clogs as it was theirs. If my husband and I went at the same time, then it'd be returned to my parents less the proportion we agree on (which will increase as time goes up to half the estate) which would go to his.
Does this make any sense?!
So there doesn't appear to be any downside for it being in just my name for any future finance? We can't think of anything else that it might be disadvantageous for.
Edited by littlegreenfairy on Saturday 18th February 21:54
If he is a joint owner,he will inherit your 50& share automatically by survivorship (unless you choose to be tenants in common).
It might be that you need a Trust Deed to cater for all the circumstances you want.
Have either/both of you made a Will?
New POD said:
Your marriage is a sham.
Think what you like but we're trying to do the best for everyone in the family.To the less critical people. The monies that would pay a mortgage will be put into a savings account for the future. Should we divorce then he'll have the fund to take with him. Still have to discuss the logistics of everything.
It is a bit belt and braces but although everything is ok now, who knows what the future holds and it could well be quite acrimonious should a divorce happen.
We're getting wills made over the next couple of weeks.
littlegreenfairy said:
Think what you like but we're trying to do the best for everyone in the family.
To the less critical people. The monies that would pay a mortgage will be put into a savings account for the future. Should we divorce then he'll have the fund to take with him. Still have to discuss the logistics of everything.
It is a bit belt and braces but although everything is ok now, who knows what the future holds and it could well be quite acrimonious should a divorce happen.
We're getting wills made over the next couple of weeks.
But you've not answered a key question; how will your parents recieve their money back if you die? Would you expect your husband to sell up to repay them? Or would you expect him to mortgage the property to repay them?To the less critical people. The monies that would pay a mortgage will be put into a savings account for the future. Should we divorce then he'll have the fund to take with him. Still have to discuss the logistics of everything.
It is a bit belt and braces but although everything is ok now, who knows what the future holds and it could well be quite acrimonious should a divorce happen.
We're getting wills made over the next couple of weeks.
It isn't to survive. It's a contingency fund.
Should something terrible happen and they needed additional financial help, I wouldn't be around to provide it. They have no need of the cash now or any potential need, but who knows what the future holds? I just want to make sure that they would be ok.
Should something terrible happen and they needed additional financial help, I wouldn't be around to provide it. They have no need of the cash now or any potential need, but who knows what the future holds? I just want to make sure that they would be ok.
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